Independent Mortgage Advice
What is independent mortgage advice, and what are the benefits?
In short independent mortgage advice is provided by mortgage brokers, who have extensive knowledge of mortgage deals available from a range of different lenders. This will also give you access to various products and mortgage schemes.
An independent mortgage broker will search the market for you to ensure that they recommend the best deal to suit your circumstances.
The benefits are access to a much more comprehensive range of additional lending criteria and an uplift in the maximum loan that may be achieved by approaching a lender directly.
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Professional Independent Mortgage Advice
How can you measure the value of independent mortgage advice?
The mortgage market is complex, with each lender having different market specialisations, product offerings, rates, and types of property they will lend on.
Lenders often use complex calculations to establish what they consider affordable; therefore, loan amounts can differ greatly between lenders.
Reviewing the best rates on a comparison site will provide information on the best-priced deals. However, what happens if you only partially match all the lender’s criteria and affordability calculations?
Searching for the ideal product, it is only sometimes about the rate. Finding the right mortgage for your situation is about considering your personal objectives and situation, then factoring in the differing lender criteria and establishing which lender and scheme will fit and be most suitable.
Consider the longer term, i.e.; your mortgage is likely to be taken out for a period of 10-40 years. Is it possible that the market leader will always offer market-leading rates at the end of your product (i.e. 2 to 5 years).
If you review your open market options at the end of each product period, it is likely that you will save £1000’s in interest or could use any savings to shorten your mortgage term. An independent mortgage broker firm will assist you in reviewing these options. It is almost guaranteed that the initial lender will not be the market leader for your full mortgage term.
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How can an IndependentMortgage Broker help?
A professional independent Mortgage Broker will assist you in many ways, examples being:
- Listening to you and establishing your mortgage requirements and needs.
- Assess your personal situation and help you to find the right lending solution.
- Find a lender where you fit the criteria, and the lender will offer your mortgage.
- Your broker will advise on all aspects of the mortgage process, overall costs, terms, and scheme period.
- Your broker will help explain the jargon involved in the home buying process, such as conveyancing (the legal aspect of your purchase).
- A professional broker firm will help in speeding up the process of finding the right solution.
- Assist you in gaining a Mortgage Agreement in Principle.
- Complete and make your mortgage application on your behalf.
- Recommend related insurance products to protect you and your new homes, such as Buildings & Contents, Life Assurance, and Income Protection.
- Your broker will listen, assess, advise and recommend the most suitable mortgage products and options.
Direct Lender vs Independent Advice.
MMPE’s ethos is to ensure that clients benefit from quality, professional mortgage & protection advice. Working closely with our clients to advise on suitable mortgage products to meet needs and requirements.
Protection of our clients is also a fundamental aspect of our advice process. Advising clients on how best to protect their home, their family, and their income. Protection planning is often overlooked, possibly due to the additional cost. At MMPE we provide our clients with a full mortgage protection report to demonstrate needs and costs. Clients can then make an informed decision of what cover is priority to them and ensure that cover is affordable.
| Direct to Lender | Independent Advice | |
|---|---|---|
| Available mortgage Schemes / Products | Limited to lenders product Range | Whole of Market product range from over 100 lenders |
| Advice | Restricted to lenders own products | Whole of market independent advice |
| Lending Criteria | Restricted to the individual lenders criteria | Benefit from the wider criteria from over 100 lenders |
| Maximum Loan | Restricted to the individual lender’s max affordability criteria | Benefit from all available lender’s calculations, giving access to larger loan capability |
| Overall Cost | Limited to the products available and the fee’s and charges of those products | Whole of market comparison tools available to establish the most cost-efficient suitable products |
| End of Product Review | Lenders generally offer a simple easy process to switch to a new product | Brokers will provide a robust review service to find the most cost effective and suitable product available. Including advice. |
| Accessibility / Availability | Can be restrictive to gain a branch appointment time to suite | Online booking systems with availability generally being available on the day. |
| Insurance Products | If advice is given it is generally with a tie to a particular Insurance company | Independent brokers will have access to all major UK Insurance providers |
| Brand allegiance | The lender will only ever recommend their mortgage products | No allegiance, a broker will recommend the products that best suite your circumstances |
| Change in borrowing requirements | The lender can only operate within their criteria parameters | A broker can find the lending solution (if available) to meet the required changes |
Our standard fee for arranging a mortgage is £395. The fee is due upon application of a mortgage loan to the lender.
'A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.'
My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.
King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.
The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.